There is a pick-up of activity with more buyers out viewing homes and making offers as evidenced by the Fullerton Real Estate Report. Sales usually start slow in the beginning of the year, but as fresh inventory comes on the market sales will take off.
Year over year, January 2017 over January 2016, new listings were up 8.5% for single family homes but down 39.4% for townhouse-condo properties. Pending sales decreased 50.8% for single family homes and decreased 46.4% for townhouse-condo properties.
The median sales price was up 8.7% to $619,500 for single family homes and up 24.2% to $325,000 for townhouse-condo properties. The supply of inventory decreased 8.6% for single family homes and 36.4% for townhouse-condo units.
For the complete statistical Fullerton Real Estate Report please click here
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The new U.S. president removed the .25%-point rate cut on mortgage insurance premiums for loans backed by the Federal Housing Administration (FHA), setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. Further, the president supports dismantling the Dodd Frank, the financial regulations which restricts overall loan making by banks. Meanwhile, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The real estate market is ripe for more home purchasing if there are more homes available to sell.